Keen On

It’s the most curious paradox of today’s digital revolution. While the computers, the internet, smartphones and AI all appear magical, they haven’t actually translated into equally magical economic progress. That, at least, is the counter-intuitive argument of the Oxford economist Carl Benedikt Frey whose new book, How Progress Ends, suggests that the digital revolution isn’t resulting in an equivalent revolution of productivity. History is repeating itself in an equally paradoxical way, Frey warns. We may, indeed, be repeating the productivity stagnation of the 1970s, in spite of our technological marvels. Unlike the 19th-century industrial revolution that radically transformed how we work, today's digital tools—however impressive—are primarily automating existing processes rather than creating fundamentally new types of economic activity that drive broad-based growth. And AI, by making existing work easier rather than creating new industries, will only compound this paradox. It might be the fate of not just